GAO: Nearly half of Americans age 55 and older have no retirement savings

The percentage of households headed by someone aged 55 and older with no individual retirement savings fell over a three-year period that ended in 2016, but still hovered around 50%, according to an estimate from the Government Accountability Office released Tuesday.

In 2016, 48% of those households had no retirement savings in a defined contribution plan or an IRA, down from 52% in 2013, the GAO estimate found, which is an update to its 2015 report on retirement security based on the Federal Reserve's Survey of Consumer Finances.

Also, 29% of those households had neither a pension plan nor any individual retirement savings in 2016, the same mark as 2013, the estimate showed.